LOL even Fox gets it: The economy is 'growing' because it was off in 2020

[GhostOfMatchesMalone]

"It’s good to remember GDP is a year-over-year number. In other words, it’s easier to have a high percentage increase in the current year if you’re rolling over a large decrease in the prior year. In 2020, red and blue state governors shut down their states’ economies to slow the pandemic’s spread.

With our economy shut down, GDP understandably declined by a significant 3.4%, the largest drop since at least 1948. So, with the bar set at an historic low of -3.4% in 2020, GDP naturally rebounded in 2021. No surprise here.

To make the nature of this 5.7% increase even clearer, let’s look at GDP dollars (as opposed to percentages). In 2019 (pre-pandemic), GDP was about $19 trillion. Because the economy was shut down for much of 2020, GDP dropped to about $18.4 trillion. In 2021, it rose again to about $19.4 trillion. That’s an increase for 2021 of 2% over 2019, a fairer comparison and a less than impressive gain.

The fact is that when states reopened, given the depths to which the economy sank, GDP was going to increase no matter what Biden did. As it turns out, GDP increased only 2% over its pre-pandemic level – and that was with gargantuan government spending."

Bottom line, as states reopened their economies in 2021, GDP growth not surprisingly recovered and would have done so – without a 40-year high in the inflation rate – had Biden simply done nothing."

 

[Capt Ron 1]

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"It’s good to remember GDP is a year-over-year number. In other words, it’s easier to have a high percentage increase in the current year if you’re rolling over a large decrease in the prior year. In 2020, red and blue state governors shut down their states’ economies to slow the pandemic’s spread.

With our economy shut down, GDP understandably declined by a significant 3.4%, the largest drop since at least 1948. So, with the bar set at an historic low of -3.4% in 2020, GDP naturally rebounded in 2021. No surprise here.

To make the nature of this 5.7% increase even clearer, let’s look at GDP dollars (as opposed to percentages). In 2019 (pre-pandemic), GDP was about $19 trillion. Because the economy was shut down for much of 2020, GDP dropped to about $18.4 trillion. In 2021, it rose again to about $19.4 trillion. That’s an increase for 2021 of 2% over 2019, a fairer comparison and a less than impressive gain.

The fact is that when states reopened, given the depths to which the economy sank, GDP was going to increase no matter what Biden did. As it turns out, GDP increased only 2% over its pre-pandemic level – and that was with gargantuan government spending."

Bottom line, as states reopened their economies in 2021, GDP growth not surprisingly recovered and would have done so – without a 40-year high in the inflation rate – had Biden simply done nothing."

Seriously. Only a bona fide IDIOT would claim otherwise. You could stand on Biden's desk, and piss on his head...he would think it is raining. His supporters are NO DIFFERENT. Please tell be the advantage to shipping only male Illegal aliens under the cover of darkness to unsuspecting communities?

 

[CFAGator]

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"It’s good to remember GDP is a year-over-year number. In other words, it’s easier to have a high percentage increase in the current year if you’re rolling over a large decrease in the prior year. In 2020, red and blue state governors shut down their states’ economies to slow the pandemic’s spread.

With our economy shut down, GDP understandably declined by a significant 3.4%, the largest drop since at least 1948. So, with the bar set at an historic low of -3.4% in 2020, GDP naturally rebounded in 2021. No surprise here.

To make the nature of this 5.7% increase even clearer, let’s look at GDP dollars (as opposed to percentages). In 2019 (pre-pandemic), GDP was about $19 trillion. Because the economy was shut down for much of 2020, GDP dropped to about $18.4 trillion. In 2021, it rose again to about $19.4 trillion. That’s an increase for 2021 of 2% over 2019, a fairer comparison and a less than impressive gain.

The fact is that when states reopened, given the depths to which the economy sank, GDP was going to increase no matter what Biden did. As it turns out, GDP increased only 2% over its pre-pandemic level – and that was with gargantuan government spending."

Bottom line, as states reopened their economies in 2021, GDP growth not surprisingly recovered and would have done so – without a 40-year high in the inflation rate – had Biden simply done nothing."

That's old data, it's using Q3 GDP. https://fred.stlouisfed.org/series/GDPC1

Using Q4 GDP of $19.8t, it's a 3.1% increase over the $19.2t in Q4 2019.

You guys are too focused on whether Biden should get credit for the current growth (he shouldn't), instead of focusing on a pretty impressive rate of current production the US is seeing, or at least was seeing since we will now begin to slow back down to more normal growth rates this year.

And the US is doing this with a few million less employees (higher productivity), no population growth of the last two years, and several industries below their pre-pandemic levels, like business travel.

The arguments went from "Biden is going to kill the economy with his socialism", to "the economy is still garbage, at least for everyone I know personally", to now "the economy should be doing this well anyway because of the 2020 decline".

 

[fatman76]

Seriously. Only a bona fide IDIOT would claim otherwise. You could stand on Biden's desk, and piss on his head...he would think it is raining. His supporters are NO DIFFERENT. Please tell be the advantage to shipping only male Illegal aliens under the cover of darkness to unsuspecting communities?

You combine it with mass mail in voting with no signature or address verification, poorly maintained voter rolls, and no ID in-person voting and well...you've got one hell of a voter drive on your hands.

 

[GhostOfMatchesMalone]

Seriously. Only a bona fide IDIOT would claim otherwise. You could stand on Biden's desk, and piss on his head...he would think it is raining. His supporters are NO DIFFERENT. Please tell be the advantage to shipping only male Illegal aliens under the cover of darkness to unsuspecting communities?

His supporters are dems, and dems are sheep.

Trump posted a 34% GDP in 2020. Highest GDP in history, will never be touched.

Every poster here pointed out it was due to the economy reopening. Trump supporters pointed it out, and you damn sure know the dems pointed it out.

Now Hiden posts a 4% GDP after the economy was turned back on, and dems think this is the most amazing era of economic growth since the 50s, and never mention it was cause the economy getting turned back on.

They knew what the reason was when Trump was in office.

They are such hypocrites.

 

[Dr. Curmudgeon]

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"It’s good to remember GDP is a year-over-year number. In other words, it’s easier to have a high percentage increase in the current year if you’re rolling over a large decrease in the prior year. In 2020, red and blue state governors shut down their states’ economies to slow the pandemic’s spread.

With our economy shut down, GDP understandably declined by a significant 3.4%, the largest drop since at least 1948. So, with the bar set at an historic low of -3.4% in 2020, GDP naturally rebounded in 2021. No surprise here.

To make the nature of this 5.7% increase even clearer, let’s look at GDP dollars (as opposed to percentages). In 2019 (pre-pandemic), GDP was about $19 trillion. Because the economy was shut down for much of 2020, GDP dropped to about $18.4 trillion. In 2021, it rose again to about $19.4 trillion. That’s an increase for 2021 of 2% over 2019, a fairer comparison and a less than impressive gain.

The fact is that when states reopened, given the depths to which the economy sank, GDP was going to increase no matter what Biden did. As it turns out, GDP increased only 2% over its pre-pandemic level – and that was with gargantuan government spending."

Bottom line, as states reopened their economies in 2021, GDP growth not surprisingly recovered and would have done so – without a 40-year high in the inflation rate – had Biden simply done nothing."

Look for move shut down and reopen until the midterm elections.